As his crypto empire collapsed, Sam Bankman-Fried reportedly turned to overseas regulators for help. Federal prosecutors say the FTX co-founder tried to hold off his company’s bankruptcy proceedings last year so he could move FTX assets to foreign regulators, the Wall Street Journal reported Monday (Jan....
The U.S. Treasury Department is flexing its cryptocurrency enforcement muscles as industry attention grows. The turbulent crypto sector has historically suffered from the perception that its anonymous and decentralized technical architecture provides a haven for money laundering and other illicit activities around the globe. “2022...
The U.S. Justice Department is continuing its investigation into Visa’s debit card practices. The payments giant is cooperating with the probe, which is “seeking additional documents and information focusing on U.S. debit and competition with other payment methods and networks,” Visa said in a Securities and...
The U.K.’s consumer watchdog has accused three money transfer firms of price fixing. The Financial Conduct Authority (FCA) alleged in a Wednesday (Jan. 25) news release that Dollar East, Hafiz Bros Travel & Money Transfer, and Small World Services fixed prices charged to Glasgow customers who wanted to send money to Pakistan. As...
The Federal Trade Commission (FTC) has finalized a consent order regarding Credit Karma. The FTC’s complaint, which was announced in September, charged the credit service company with making deceptive claims that consumers were “pre-approved” for credit card offers. The complaint said that in some cases,...
New York’s financial watchdog is cautioning firms to segregate customers’ cryptocurrency assets from their own. The New York State Department of Financial Services (NYDFS) issued that warning Monday (Jan. 23) as it updated its regulations designed to protect consumers from insolvencies at digital asset companies. “DFS’s virtual currency regulation...
Check cashing fees are getting a makeover in New York. New York’s Department of Financial Services said Wednesday (Jan. 18) that it is updating regulations and methodologies tied to check cashing fees — using a data-driven approach to do so. As announced by the agency...
Penalties for failing to stop financial crimes jumped by more than 50% last year. That’s according to a Thursday (Jan. 19) report by the Financial Times (FT), which says the spike has led to warnings that these fines aren’t stopping the flaws in the system...
A five million euro fine for privacy violations welcomes TikTok to an expensive club. It’s not the first time the Chinese company has been fined for breaching EU data protection laws, and €5 million euros ($5.4 million) is still a long way off the €390...
